Newsletters
Borsa Istanbul’s BIST 100 index closed up 1.82% at 9,659 today. The index gained momentum following May inflation figures released last week, which came in below expectations, fueling expectations of an interest rate cut. Bank stocks outperformed, with the Banking Index rising over 5%. Analysts note that the 9,700–9,771 range remains a critical resistance zone and say breaking above it could accelerate gains.
The BIST 100 made a strong start to the new week after the holiday break, closing at 9,659 with a 1.82% increase on the first trading day of the week. The Banking Index outperformed, gaining more than 5%, while Akbank shares surged over 6% in daily gains.
The optimism that started in the market after May’s inflation data proved lower than forecasts continued into the new week. Banks expected to benefit most from a possible rate cut were among the top stocks in terms of capital inflows.
Analysts pointed out that the index surpassed the 200-day moving average level at around 9,610. They commented, “In the short term, 9,771 serves as resistance, while 9,495 stands as the initial support. If the index remains above the 200-day moving average, upward momentum is expected to continue.”
In the weekly assessment and strategy report shared by Integral Yatirim, it was noted: “Market pricing is largely shaped by expectations of an interest rate cut. Therefore, we expect market movement to continue to be led by the banking index. The 9,700 level remains the key resistance. Until the index breaks above this level, maintaining a cautious stance is advisable. Short-term support is observed around 9,370, where the 22- and 50-day moving averages converge.”
Notably, bond yields have also fallen today. The yield on the benchmark 2-year government bond dropped 1.25 percentage points to 42.69%. Analysts suggest that the expectation of a rate cut is beginning to be reflected in bond yields, leading to increased demand for Turkish debt.
As of the evening session:
2 min read
2 min read
3 min read
